Williams Financial Group Starts Pacific Drilling S.A. (PACD) at Hold; Pure Play, But Shares Fairly Valued
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Price: $0.23 --0%
Rating Summary:
4 Buy, 8 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 6 | New: 2
Rating Summary:
4 Buy, 8 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 6 | New: 2
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Williams Financial Group initiates coverage on Pacific Drilling S.A. (NYSE: PACD) with a Hold. PT $11.00.
Analyst, Matt Beeby, said, "Despite leading edge technology and equipment, PACD’s desire for term work to secure rig financing could preclude them from getting leading edge dayrates. Still, the company has a solid asset portfolio mix with $2.1 billion backlog and three uncontracted newbuilds coming to the market in the next two years. PACD is a pure-play driller with a very capable and modern fleet, and we believe a premium valuation is warranted, but even at 9x EV/EBITDA, shares are fairly valued without incremental new contract information."
For an analyst ratings summary and ratings history on Pacific Drilling S.A. click here. For more ratings news on Pacific Drilling S.A. click here.
Shares of Pacific Drilling S.A. closed at $10.16 yesterday.
Analyst, Matt Beeby, said, "Despite leading edge technology and equipment, PACD’s desire for term work to secure rig financing could preclude them from getting leading edge dayrates. Still, the company has a solid asset portfolio mix with $2.1 billion backlog and three uncontracted newbuilds coming to the market in the next two years. PACD is a pure-play driller with a very capable and modern fleet, and we believe a premium valuation is warranted, but even at 9x EV/EBITDA, shares are fairly valued without incremental new contract information."
For an analyst ratings summary and ratings history on Pacific Drilling S.A. click here. For more ratings news on Pacific Drilling S.A. click here.
Shares of Pacific Drilling S.A. closed at $10.16 yesterday.
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